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Dana Corporation - History Page 12 of 12 ' Top of Page Terms of Use 2002 Dana Corporation Appointed CEO of Dana in 1979, Mitchell's energy helped Dana through the recession, and his vision enabled Dana to make the most of the subsequent boom. His dedication to competitive products, quality control and customer service encouraged Dana to keep its plant sizes small, a adopt Just in Time policies long before they became popular. Mitchell was dedicated to the belief that people were Dana's most important asset. He visited some 50 Dana plants every year, and once spent 36 hours talking to every single one of 1,800 employees at a North Carolina plant. Nothing Venture, Nothing Lose The General Ohio Savings & Loan Corporation (renamed Diamond Savings & Loan) was acquir by Dana in 1981 as an extension of the Venture Group, Dana's shelter & security division. The Venture Group offered services to Dana operations, but most of its business, which included insurance, reinsurance, leasing and personal finance, was done outside of Dana. The troubles of the whole savings & loan industry became more and more apparant through the 1980s, finally provoking a national crisis. Biting the bullet in typical fashion, Dana made provisio against reserves and sold Diamond Savings & Loan's assets, as well as its mortgage banking business. Gresen Founded in St. Paul, Minnesota, in 1945 by Gordon Jensen and Leo Grzesowski, Gresen's first major order was for 2,000 pump-and-valve combinations for Sears, Roebuck front-end loaders. 1947, the company introduced the Model C Power Pack, which both improved the pump-valve combinations and represented the start of Gresen's hydraulic business. The Model C was later adapted into the Model KJ, a three-gear hydraulic pump designed for power take-off application The KJ also concentrated on separate hydraulic components, leaving pump-valve combinations the competition. In 1948, Gresen extended its services to include bronze agricultural spraying pumps. And as business expanded, so did the company's need for space. In 1957, it built a new facility. But tho weren't the only transformations the company experienced. In 1963, Gresen was bought by Tor Corporation, and in 1981 it was acquired by Dana. Introduction Section 1: Laving the Foundation Section 2: Coming of Age Section 3: Moving Into the Future http://www.dana.com/overview/history/history2.shtm 11/18/2002